Pricefx Completes Series B Funding Round With Additional €23 Million
MUNICH & CHICAGO--(BUSINESS WIRE)--Nov 26, 2019--
Pricefx, the global leader in native cloud pricing software, has secured €23 million in additional funding to conclude the company’s Series B financing round. This phase II investment was led by Digital+ Partners, a leading European B2B technology growth investor, and Bain & Company, one of the world’s top management consulting firms. Series A investor Talis Capital also participated in phase II. It follows the €25million phase I funding in December 2018, bringing the Series B total raised to €48 million.
The company has been experiencing exceptional growth in 2019, with record-breaking Q1 and Q2 results. Pricefx became the first solution provider to achieve Gold-Level Status for SAP® PartnerEdge® Build and won Product of the Year in the 2019 Sales and Marketing Technology awards (SAMMYs), the only pricing solution to do so. On the heels of this latest funding, the company’s valuation has nearly tripled in the last twelve months.
“This new funding will allow us to further expand our platform capabilities, add new functionality and introduce several new, game-changing products to the market in 2020,” said Marcin Cichon, CEO and co-founder of Pricefx. “We anticipate continued global expansion through both organic and partner-enabled growth, as well as strategic projects. Our investors are excited about our path forward, and this subsequent investment helps to secure their positions ahead of our further expansion.”
Pricefx provides a modular SaaS solution for Price Optimization, Management (PO&M) and Configure-Price-Quote (CPQ) for enterprises of any size, based on the latest in native cloud architecture. Gartner’s Market Guide for B2B Price Optimization and Management Software for 2019 states that it expects “the PO&M market to continue to grow rapidly during the next three years” and that “PO&M software has a rapid payback on investment (often less than six months).”
“We are experiencing great momentum, particularly in the United States. This funding allows us to more than double our investment in sales and marketing in 2020,” said Tom Fencl, CFO of Pricefx. “As we grow, we are also beginning to look at potential acquisitions to expand our functional footprint in the area of optimization and artificial intelligence as well as offer higher value to our customers through specialized industry knowhow and expertise.”
“Pricefx has become the leading SaaS pricing solution provider on the market through its customer centric approach and by offering a feature-rich, highly flexible pricing tool that is also risk free and fast to implement,” said Axel Krieger, Founding Partner at Digital+ Partners. “This new funding will allow Pricefx to keep expanding its world-class product, further professionalize its relentless customer focus and widen its global market leader position in pricing SaaS space. We are proud and excited to co-lead this round with Bain & Company and continue supporting Pricefx in this next stage of growth.”
“Over the last year, we have been collaborating with Pricefx on a new disruptive offering for the market,” said Ron Kermisch, partner and director at Bain & Company and the company’s global pricing product lead. “We are very excited about its upcoming innovation and happy to see Pricefx executing its strategy to become the de-facto software standard in pricing.”
“Pricing is one of the fastest growing software markets and the world class management at Pricefx is making sure that the company will be the global leader in pricing,” said Matus Maar, co-founder and managing partner at Talis Capital. “The Pricefx solution is already a market leader and their constant innovation will keep delighting their customers.”
Established in 2011 in Germany, Pricefx is the global leader in SaaS pricing software, offering a comprehensive suite of solutions that are fast to implement, flexible to configure and customize, and friendly to learn and use. Pricefx delivers a complete price optimization and management platform based on native cloud architecture, providing industry leading time to value and total cost of ownership advantages to customers. Their innovative solution works for both B2B and B2C enterprises of any size, in any industry, in any part of the world. Pricefx’s business model is entirely based on the satisfaction and loyalty of its customers. Today, Pricefx delivers Passion for Pricing to more than 90 customers in more than 37 countries worldwide. For more information, please visit www.pricefx.com.
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